Microsoft's market value soared by 450 billion dollars in a single day, SK Hynix's stock price jumped by 29% during trading, and the technology sector in A-share markets staged a comeback! From consecutive liquidation to double-digit price surges across the board, who was the driving force behind this epic rebound? On July 31st, after the previous sharp correction of AI-related technology stocks and the consecutive liquidation by leveraged funds, the global capital market witnessed a long-awaited epic oversold rebound.
Microsoft's earnings report ignited the faith in AI, and the liquidation of leverage brought about a glimmer of hope.
The epic counterattack in the global market originated in the US stock market. On July 30th, all three major US stock indices rose, and the technology and semiconductor sectors experienced a "violent recovery". The Philadelphia Semiconductor Index (SOX) closed up by 8.19%, reaching 11,221.53 points. Among them, Microsoft delivered an impeccable earnings report, with the growth rate of its cloud computing business Azure reaching a new high in recent years, and its capital expenditure guidance was lower than expected, effectively countering market concerns about AI investment being a "bottomless pit of expenses".
In addition to Microsoft's "calming factor", the reversal of market sentiment was also aided by the complete liquidation of leverage funds.
According to The Wall Street Journal, "AI stock guru" and former OpenAI researcher Leopold Aschenbrenner, who founded the AI hedge fund Situational Awareness, suffered heavy losses in the past few weeks and has cleared most of its publicly traded stock investment portfolio. Buyers reportedly include billionaire Ken Griffin's Citadel. This event marked the end of forced selling pressure and the influx of long-awaited "relief buying", pushing the Philadelphia Semiconductor Index up by over 8%.
In terms of individual stocks, Microsoft (MSFT) became the absolute core of this rebound, with a single-day increase of up to 15.51%, and its market value soared by approximately 450 billion dollars, setting the largest single-day increase since 2008. Amazon (AMZN) soared by nearly 10% after the earnings report release in the after-hours trading, with the growth rate of its AWS cloud business reaching a new high in recent years. The company then announced that it would increase its capital expenditure to 220 billion dollars this year. Previously, Amazon had expected its capital expenditure to be 200 billion dollars in 2022.
In the semiconductor and storage sectors, Lam Research rose by over 17%, Applied Materials rose by over 14%, AMD rose by 13%, TSMC and Arm rose by over 7%, and ASML rose by over 7%. Storage概念股 experienced a major explosion， SanDisk soared by over 25%， reaching 1231.93 dollars； Micron Technology soared by over 18%， reaching 842.46 dollars； Western Digital rose by over 15%， and Seagate Technology rose by over 11%.
Qualcomm (Qualcomm) was the only major chip stock that significantly declined， closing down 2.92% at 155.68 dollars. The company previously announced a 10% percentage increase in all series of chip products， but market concerns about its performance outlook still persisted.
Boosted by the overnight surge in US stocks， in the Asian morning session on July 31st， the stock markets in South Korea and Japan both opened higher and continued to rise. The South Korean KOSPI index rose by more than 14% at one point， setting the largest intraday increase since 1980 with data statistics. Due to the excessive rise in the index， the Korean Exchange even initiated the "side car" mechanism， suspending program trading for 5 minutes. The Japanese Nikkei 225 index also surged by over 4% simultaneously.
SK Hynix (SKHY) saw a 17.52% increase in the US ADR market， closing at 149 dollars， with its stock price rising by as much as 29% at one point in the Korean domestic market； Samsung Electronics (005930) also rose by more than 26% in the Korean stock market. In Japan， Advantest rose by nearly 18%， SoftBank Group's stock rose by nearly 15%， and once touched the intraday涨停 board. The comeback of the Korean stock market was not only driven by the resonance of global technology stocks, but also by the local positive catalysts. SK Group Chairman Choi Tae-won announced the purchase of 3,620 shares of SK Hynix common stock. Calculated based on the closing price on that day, the transaction amount reached 4,785,640,000 Korean won. This was Choi Tae-won's first purchase of SK Hynix stocks in his career. Regarding this increase, he expressed his optimism about the long-term value of the semiconductor industry, believing that the current stock price is seriously undervalued, and thus made the decision to increase holdings from the perspective of fulfilling business responsibilities.
The comeback of the A-share technology sector
Under the reflection of the global technology stock frenzy, on the morning of July 31, the A-share market also witnessed a comprehensive reverse-style recovery. The Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index all opened higher and continued to rise. Among them, the ChiNext Index soared by more than 6%, and the Sci-Tech 50 Index rose even closer to 9%.
On the market surface, the semiconductor, CPO, and memory industries, which were previously severely oversold, all exploded. Funds flowed out from defensive sectors such as liquor and banks, and returned to the high-flexibility technology growth sector, presenting a clear "high-low switch" feature. This was driven by both the catalysis of overseas giants' financial reports verifying the AI commercialization logic and the resonance of global leveraged funds' deleveraging approaching the end and the concentrated release of valuation repair demands.
At the individual stock level, the domestic DRAM leader Changxin Technology opened with a straight upward surge, and its market value once exceeded 4 trillion Korean won, then declined after reaching a peak. As of the time of publication, Changxin Technology rose by 9.36%, with a total market value of 3.87 trillion Korean won. The communication ETF Huaxia (515050) opened with a once涨停 (stall涨停) of 8% or more. Leading companies in optical modules and CPO， such as Yuanjie Technology， Liante Technology， Xinyisheng， Tianfu Technology， and Zhongji Xuchuang， all had a more than 10% increase in price during the trading session， becoming the leading force of the A-share rebound.
Although global stock markets have witnessed a vigorous rebound， investors still need to remain vigilant. The essence of this round of surge is the emotional repair after extreme overselling in the past， rather than a comprehensive reversal of fundamentals. Microsoft's financial report proved the feasibility of AI commercialization， but the high valuation pressure of the global AI industry， the direction of the Federal Reserve's interest rate policy， and the structural risks of Korean retail leveraged ETFs are still the Sword of Damocles hanging over the market.
In the afterglow of the celebration， the market style is slowly reconstructing from "speculating expectations" to "verifying performance". For investors， blindly chasing high prices is not a good strategy. In the AI industry chain， finding truly hard-core targets with order support and profit realization capabilities might be the long-term way to navigate through fluctuations.
Disclaimer： The article is from the internet. If there is any dispute， please contact customer service.
